conworldfandomcom-20200222-history
Economy of Surea
Surea is a developed country and is classified as an emerging market. The quick industrialization and rapid growth of Surea during the latter half of the twentieth century has been called the "Miracle of Surea". The growth surge was achieved by concentrating on labor-intensive manufactured exports. Surea is considered as the "Fifth Asian Tigers". A member of the OECD, Surea is classified as a high-income economy by the World Bank, an advanced economy by the IMF and CIA and a developed market by the FTSE Group. It has a very high HDI, measuring particularly high in the Education Index. Surea is currently ranked as the most innovative country in the world among major economies in the Global Innovation Index. However, it's productivity is only about half that of more developed OECD nations due to protectionist policies. Surea is one of the selected (including the European Commission) OECD members in the Development Assistance Committee, a group of the world's major donor countries contributing to development aid and poverty reduction in developing countries. It is also a founding member of APEC, ASEAN Plus Three and EAS. The Surean economy is led by large conglomerates known as zaibutsu hongsha. These include global multinational brands such as Tenraku, Aurora and Kyung'yu. The 10 largest companies by market value in 2009 were Tenraku Electronics, Aurora Motor, Miyapura Shinju Financial Group, Tenraku Life Insurance, Financial Group, Taiken Electronics, Kyung'yu Heavy Industry, and most of them are zaibutsu hongsha subsidiaries. By 1945, hyperinflation was in progress as a result of the war with Japan. To save the country, the First Republic government created a new currency area for the island country, and started a price stabilization program. These efforts helped significantly slow the inflation. In 1950, with the outbreak of the Korean War, the US began an aid program which resulted in fully stabilized prices by 1952. The First Republic implemented a policy of import-substitution, and it attempted to produce imported goods domestically. Much of this was made possible through US economic aid, subsidizing the higher cost of domestic production. Today the Republic of Surea has a dynamic, capitalist, export-driven economy with gradually decreasing state involvement in investment and foreign trade. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Real growth in GDP has averaged about 8 percent during the past three decades. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are one of the world's largest. The Republic of Surea has its own currency, the Surean Yun. In 2001, Agriculture constitutes only 2 percent of GDP, down from 35 percent in 1952. Traditional labor-intensive industries are steadily being moved offshore and with more capital and technology-intensive industries replacing them. The ROS has become a major foreign investor in the PRC, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam. Because of its conservative financial approach and its entrepreneurial strengths, the ROS suffered little compared with many of its neighbors from the 1997 Asian Financial Crisis. The global economic downturn, however, combined with poor policy coordination by the new administration and increasing bad debts in the banking system, pushed Surea into recession in 2000, the first whole year of negative growth since 1949. Due to the relocation of many manufacturing and labor intensive industries to the PRC, unemployment also reached a level not seen since the 1970s oil crisis. This became a major issue in the 2004 presidential election. In 2009, Surea was the world's top ten largest exporter. It ranks 31st in the world for economic freedom, and its economy is considered "moderately free". Surea is one of the world's largest shipbuilder, and top ten largest automobile maker in the world. The GDPs of the country's provinces range from US$16,358 in Shidu to US$58,817 in Tengei. It is home to one of the world's largest automobile assembly plant operated by Aurora Motor and one of the world's largest shipyard operated by Tenraku Heavy Industries. Its capital, Konggei, is consistently placed among the world's top ten financial and commercial cities and was named one of the world's most economically powerful city by Forbes with a GDP per capita of US$31,090 in 2009. Surea is pursuing a large number of multi-billion dollar developments, most notably the Shinjopura City in Chiwon, Dongho City in Miyubi and Kisenjong International City in Takajima. The 190-floor supertall Kisenjong International City Landmark Tower is slated to become the world's tallest building in 2020, housing the world's tallest observatory and hotels, while the 200-floor supertall Shinjopura Tower will become the world's tallest twin towers in 2025. Dongho City is home to the world's largest department store, the Dongho City Plaza. Category:Republic of Surea